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Multifamily Financial Failure: A Review of Empirical Studies

机译：多家庭金融失败：实证研究综述

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摘要

In 1973, 1975, and 1977, three major studies and two associated studies attempted to explain financial failure among Federal Housing Administration - insured multifamily housing projects. These were followed in 1977 by two more research efforts: an analysis of multifamily failure using data collected for an assessment of management techniques in such projects and an Office of Management and Budget model which predicted demands on HUD's insurance funds. This paper reviews these efforts plus a few studies exploring the causes of failure among business ventures and studies which focus on single - family home mortgage foreclosure. The characteristics and behavior of sponsors, management, and HUD underwriters and processors all affected the probability of project failure, but tenant characteristics were not significant. Projects owned by nonprofit groups and cooperatives are more prone to failure; this may stem from the high loan - to - value ration permitted for nonprofit sponsors. Good management is associated with success, although poor management is not associated with failure. Finally, the studies suggest that HUD underwriters accept many projects with inadequate margins for unanticipated costs. Vandalism and inadequate police protection are associated with failure and certain neighborhoods seem more prone to this problem. Rehabilitation projects appear to be more risky than new construction. Each study is evaluated in detail while appendices present statistics and a bibiliography.

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